Senate Bills Introduced Re Oil Spill Liability

Tuesday, May 11, 2010

Senator Menendez (D-NJ) introduced two bills relating to oil spill liability. The Big Oil Bailout Prevention Liability Act of 2010 (S. 3305) would raise the limit of liability for oil spills from offshore facilities for costs other than removal costs from $75m to $10b. It would also be retroactive to April 15, 2010. The Big Oil Bailout Prevention Trust Fund Act of 2010 (S. 3306) would eliminate the provision that currently prevents expenditure by the Oil Spill Liability Trust Fund (OSLTF) of more than $1b per incident. It would also allow the OSLTF to borrow from the General Treasury all monies as may be necessary to carry out the purpose of the Trust Fund. Additionally, it would authorize the promulgation of regulations that allow advance payments to be made from the Fund to states and political subdivisions for actions taken to prepare for and mitigate substantial threats from the discharge of oil. (May 4, 2010).

(Source: Bryant’s Maritime News)

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